The Ministry of Finance called the conditions for reducing the rate to 6% on family mortgages from October 1

Since October 1, the conditions for issuing a family mortgage have been changed in Russia - the loan term was reduced to 15 years, and rates were differentiated depending on the number of children in the family. For some categories of families, housing loan rates have doubled. Under certain conditions, the rate under the state program can be reduced to 6%, told RBC Real Estate in the Ministry of Finance of the Russian Federation.

“If the size of the down payment will be 50% or more of the cost of housing, then families will retain the basic preferential rate of 6%, regardless of the number of children and the region of purchase of real estate,” the press service of the Ministry of Finance said.

If such a large amount is not immediately available, then the opportunity to reduce the rate to 6% is retained during the first year of the loan. As specified in the Ministry of Finance, it will be possible to do this through the procedure of refinancing the loan, if during the first year will be paid either 50% of the value of real estate purchased with the involvement of a family mortgage, or 50% of the loan taken on a family mortgage.

Read more about the new conditions of family mortgages in the material “Housing is adjusted to demographics”.